5 Tips for Setting Up Your Employee’s Retirement Package

If you want to attract the best talent to your company, you probably know that part of doing that is the benefits package that you offer. People want to know that their retirement is taken care of so they won’t have to worry about working when they get older. There is plenty to do, but having to work shouldn’t be one of those things after you reach retirement age. Your potential employees are working to make sure that their retirement looks bright. Let’s go on to look at 5 tips for setting up your employee’s retirement package.

 

#1 – Center Your Package Creation Around Goals

 

Before you start working on the retirement package, you have to know what you want to achieve and how much of a budget you have to achieve that goal. When you do this, you will be much more focused and have realistic expectations on what you are going to be able to afford.

 

You can set different goals like being attractive for employees, staying within your budget or standing out in the marketplace. Whatever your goal is will make it easier for you to make decisions for the package you are creating.

 

#2 – Understand Retirement Plans

 

If you don’t know what your options are, it is going to make it much more difficult for you to decide what you can afford. Understanding retirement plans for your employees will allow you to make knowledgeable decisions for the better of your employees.

 

Here are some of the retirement plan options that you have with links to more information on the topic:

 

 

These popular retirement plans are a great place to start. We understand that it can sound very confusing when you are getting started with all of the terminology, but understanding what you are offering to your employees is important.

 

#3 – Know Required Employee Benefits

 

The changes are that you are already paying some type of benefits. There are some required benefits that you have to pay like social security and unemployment insurance. When you are pricing what you can afford, remember that you are already paying those benefits so you can factor it in with what you are going to be able to afford.

 

#4 – Decide What Options Benefits You Want to Provide

 

While some benefits may be options, you do want to stay competitive so take a look at what you could afford to add to your plan in order to make it an attractive offer.

 

#5 – Paint a Picture of the Full Compensation Package

 

Once you have a retirement plan in place and you are ready to show its beautiful face to the world, you need to paint a picture of the full compensation package. You don’t want to just talk about the retirement plan when you are telling your potential new employees what their compensation is going to be. If you need help with this, you might want to look into the best PEO service in your area and see how they could help you.

 

What Can a PEO Company Do For Your Business?

If all of this compensation talk is giving you a headache and you just want to get back to what you’re good at, you might need to look into a PEO company.

What is a PEO? PEO companies can take care of all of your HR needs or just a portion of them. If you have worries about your insurance, compensation, onboarding or anything of the sort, you can find a PEO service that can help you with these challenges.

Since people seem to have less time every day, sometimes it is difficult for founders to get the proper people in place for HR. There is so little time to hire people and if you aren’t a professional at hiring people, how do you start hiring the HR people? It’s definitely frustrating.

Instead of worrying yourself about hiring, paying and managing all of your employees and their information, having a PEO service do it for you will allow you to get back to what you are really good at which is growing your business and leading your employees into a good future with the company. Everything rises and falls on leadership and if the leader is stuck doing paperwork, that isn’t going to help anyone.

What Do PEO Companies Cost?

When you are looking at the cost of PEO companies, they vary depending on the amount of employees that you have as well as the number of processes you want them to take over. You may be looking at anywhere from $500 to $1,500 per employee or if you’re a very small company of 5 employees or less, it is possible that you only have to pay around $150 per month flat fee.

Conclusion

As you are looking through your options for retirement account and PEO companies, remember what your goals are, see if you can afford to bring on the help or even if it would be more cost effective to have an outside HR department. Many people are surprised at how much money they can save when having little to no in-house HR.

Setting up your employees for a good future will ensure their loyalty and make them have a better feeling about coming to work every day so it is worth the time it takes to get everything set up.

 

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